Renard remains one of the most revered managers on the continent after leading Zambia and Ivory Coast to Nations Cup glory in 2012 and 2015 respectively.
After a brief spell in Ligue 1 with Lille, he returned in 2016, but this time to North Africa with the Atlas Lions, whom he led to the 2018 FIFA World Cup - their first appearance at the global showpiece in two decades.
And despite building one of the strongest Moroccan squads in recent memory, which many believe have what it takes to win their first African title since 1976, the Frenchman believes they rank as outsiders this year.
"It seems that my realism is not liked by many people," Renard said, as per KingFut.
"We should look back at the history and recall Egypt hosting the tournament in 2006. It is very hard for Egypt not to win the title.
"The Senegalese national team also includes the best individual talents on the content," the 50-year-old added.
"We also have a very strong team, but Egypt and Senegal will always be the strongest candidates."
Afcon will kick off on 21 June until 19 July this year due to the holy month of Ramadan.